Rockville, MD , Sept. 02, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Chelated Micronutrient Fertilizer market is estimated to reach a valuation of US$ 1,584.4 million in 2024 and is expected to grow at a CAGR of 8.6 % during the forecast period of (2024 to 2034).
Chelated micronutrient fertilizers have an important role in promoting agricultural innovation. The unique combination of benefits distinguishes them in meeting the varied and diversified needs of modern farming. This also improves the bioavailability of major necessary nutrients such as iron, zinc, and boron, allowing the plant to obtain these vital elements more effectively.
Due to this, chelated micronutrient fertilizers were effectively applied in the broad agricultural practice that encompasses row cropping, horticulture, and turf management. The demand for chelated products in the market encompasses a range of market-driving factors that emanate from the increase in awareness regarding crop nutrition and the importance of micronutrients.
The rising requirement for micronutrients in crop nutrition and sustainable environmentally-friendly farming practices creates the high demand for chelated micronutrient fertilizer. That emerged as one of the key solutions to farmers' needs for better yields with less environmental impact and more nutrition.
In response to this rising demand, a new line of chelated micronutrient products was introduced by JR Simplot. The company has also invested in digital agriculture technologies and brought forth new, improved precision farming tools that make nutrient application more efficient.
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Key Takeaways from the Market Study:
- The global chelated micronutrient fertilizer market is projected to grow at 6% CAGR and reach US$ 3,619.6 million by 2034
- The market created an opportunity of US$ 2.0 billion growing at a CAGR of 0% between 2019 to 2024
- North America is a prominent region that is estimated to hold a market share of 8% in 2034
- Zinc under nutrient type is estimated to grow at a CAGR of 8% creating an absolute $ opportunity of US$ 718.7 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 693.2 million collectively
“The demand for chelated micronutrient fertilizer is poised to surge, driven by growing awareness of their benefits.” says a Fact.MR analyst.
Leading Players Driving Innovation in the Chelated Micronutrient Fertilizer Market:
BASF; Bayer AG; Aries Agro Limited; Dow; Deepak Fertilizers; Yara International; JR Simplot Company; Nouryon; Deretil Agronutritional SL; Coromandel International; Helena Agri-Enterprises, LLC; Nufarm Limited; Haifa Group; Balchem; Van Iperen; Other Prominent Players.
Market Development:
Crop optimization & digital farming technology will contribute to market growth. It contains data insight analytics, which will ensure that farmers use fertilizer based on data and ensure crops get the correct amount of nutrients at the right time.
Due to the demand, major companies across the world are showing a growing interest in research and development associated with chelated micronutrient fertilizers.
- Nouryon started a new research and development center in May 2023, which would focus on the development of advanced crop nutrition solutions, strengthening its research and development capabilities. This R&D center should contribute to the development of cutting-edge micronutrient products that improve crop health and quality, further solidifying and securing the leadership position of the company in the specialty chemicals market.
- In June 2024 Coromandel International introduced advanced chelated micronutrients to aid in nutrient uptake in crops. The launch will make it easier to promote crop health and yield through improved nutrient uptake. This achievement demonstrates Coromandel's desire to showcase the application of cutting-edge technologies in support of sustainable agriculture and crop nutrient deficiencies
Chelated Micronutrient Fertilizer Industry News:
- In 2023, JR Simplot Company launched chelated micronutrient solutions to improve crop health. It has also invested in digital agriculture technologies, introducing innovative precision farming equipment to improve fertilizer application efficiency.
- In May 2023, Nouryon opened a new R&D facility to focus on revolutionary crop nutrition solutions. This R&D center intends to accelerate the development of enhanced micronutrient solutions that increase crop quality and health, bolstering the company's position as a market leader in specialty chemicals.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global Chelated Micronutrient Fertilizer market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the By Form (Solid, Liquid),By Nutrient Type (Zn, B, Cu, Fe, Ca, S, Mn, Mg, Others), By Applications (Soil, Foliar, Fertigation, Seed treatment, Others), By End Use (Fruits, Vegetables, Oilseeds & Pulses, Cereal & Grains) and across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Chelated Micronutrient Fertilizer:
By Form :
- Solid
- Liquid
By Nutrient Type :
- Zn
- B
- Cu
- Fe
- Ca
- S
- Mn
- Mg
- Others(Mo,Na,Ni,CI)
By Applications :
- Soil
- Foliar
- Fertigation
- Seed treatment
- Others
By End Use :
- Fruits
- Vegetables
- Oilseeds & Pulses
- Cereal & Grains
- Others
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